Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Paradox Resources, LLC > News item |
Paradox Resources receives 60-day exclusivity extension
By Sarah Lizee
Olympia, Wash., Sept. 12 – Paradox Resources, LLC secured a 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.
The court extended the exclusive plan filing period through Nov. 18 and the exclusive solicitation period through Jan. 17.
Paradox said its case has involved complex negotiations with creditors to obtain debtor-in-possession financing and to implement a sale process.
“Under the circumstances, more time is necessary to ensure implementation of reasonable and effective plan terms and prepare adequate information for a disclosure statement because the terms and structure of such the plan and disclosure statement depend in large part on the outcome of the sale process,” the company said in the motion seeking the extension.
“With the sale process nearing completion, the debtors submit that they continue to make good faith progress towards reorganization and an additional extension is warranted.”
Paradox Resources is a Houston-based midstream company primarily focused on helium processing and carbon capture, utilization and sequestration. The company filed bankruptcy on May 22 under Chapter 11 case number 23-90558.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.